We already know that the Austin housing market is hot, hot, hot, and it looks like the local rental market is just as steamy. The most recent report from Zumper outlines Austin's rental landscape by mapping out which areas of the city are the most and least expensive for renters.
Unsurprisingly, Central Austin racks up the largest bill. With a median monthly price tag of $1,920 for a one-bedroom rental, downtown remains the most expensive neighborhood. Just east and west of downtown tie for second place, with rent in East Cesar Chavez and Old West Austin each coming out to $1,700 per month. The Zilker and Holly neighborhoods are close behind at $1,650 and $1,600, respectively.
In contrast, rent for a one-bedroom in Austin's cheapest neighborhood, Windsor Park, is $800 per month. College-aged renters will be relieved to find that two popular student housing havens remain relatively affordable. Rent near the University of Texas campus is only $870, while Pleasant Valley plateaus at $900. At $1,000 per month, North Loop and Montopolis round out the five least expensive rental areas in Austin.
The overall median price for a one-bedroom home in Austin is $1,130, which is up by 1.8 percent since the last quarter. In fact, the Capital City experienced a 13 percent year-over-year increase, "making it the third fastest growing rental market in the nation," says Zumper. The trend is the same for two-bedroom rentals, which grew by 2.1 percent to $1,490 per month.
Even though the rising rent has a grim effect on our bank accounts, it could be worse — Austin had the 20th most expensive rental market in the nation for December 2015.